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Mascotech, Inc. Announces Third Quarter Results

14 November 2000

Mascotech, Inc. Announces Third Quarter Results

    TAYLOR, Mich., Nov. 13 MascoTech sales for the
third quarter 2000 of $394 million declined modestly from 1999 third quarter
sales of $399 million principally as a result of the strength of the U.S.
dollar versus foreign currencies.  Income in the third quarter 2000 was $17.9
million or $.37 per share, compared with $20.2 million or $.41 per share in
1999.
    As previously announced, the Company has entered into a definitive
agreement to merge with an affiliate of Heartland Industrial Partners, L.P. in
a going private transaction.  The value of the recapitalization transaction,
including the assumption of debt, is expected to exceed $2 billion.  The
agreement provides for a cash payment at the closing of $16.90 per share plus
an additional amount based upon proceeds realized on the disposition of the
Company's interest in Saturn Electronics & Engineering, Inc.  The disposition
of Saturn is not expected to be completed prior to closing.  Proceeds from any
subsequent disposition will be distributed to shareholders of record as of
October 20, 2000 after the disposition is completed.  Proxy materials have
been mailed to shareholders to vote on the transaction at or prior to the
special shareholders meeting scheduled for November 28, 2000.
    
               MASCOTECH, INC. ANNOUNCES THIRD QUARTER RESULTS

                          Three Months Ended             Nine Months Ended
                             September 30                   September 30
                          2000          1999             2000         1999


    Net Sales           $393,770      $399,300       $1,295,480   $1,284,470

    Cost of Sales       (298,360)     (299,960)        (966,590)    (955,420)
    Gross Profit          95,410        99,340          328,890      329,050

    Selling, General and Administrative
     Expenses            (49,970)      (51,030)        (163,130)    (163,430)
    Gains (Charge) on Disposition
     of Businesses, Net    2,800           ---            2,800       26,550
    Charge for Asset
     Impairment              ---           ---              ---      (17,510)
    Operating Profit      48,240        48,310          168,560      174,660

    Other Income (Expense),
     Net                 (18,820)      (15,290)         (53,210)     (56,220)

    Income Before Income
     Taxes                29,420        33,020          115,350      118,440

    Income Taxes          11,560        12,820           45,490       48,270

    Net Income           $17,860       $20,200          $69,860      $70,170

    Diluted Earnings Per
     Common Share           $.37          $.41            $1.39        $1.39

    Amounts in thousands except per share data.